External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

CreditAccess Grameen Ltd / Equity Bottom-Up

<ul><li>Asset Quality Metrics at Pre-Crisis Levels; Credit Costs to Decline Meaningfully: CAGrameen’s asset quality metrics continued their improvement trajectory, with X-bucket CE recovering to pre-crisis levels and fresh PAR accretion moderating significantly, reflecting the efforts of the company’s intensified collections and risk-monitoring mechanism.</li><li>In FY26, credit costs settled slightly higher at 6.74%, ahead of management guidance of 5.5-6%, of which 6.1% was attributable to fresh PAR formation and 0.64% to an incremental increase in ECL provisioning rates as the company evolved its provisioning model.</li><li>CAGrameen has transitioned to a more comprehensive ECL framework, incorporating long-term historical performance data, multiple business cycles, and forward-looking macro variables (West Asia Crisis and Potential Heatwaves), resulting in an incremental provisioning of Rs 39 Cr during Q4. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asset Quality Metrics at Pre-Crisis Levels; Credit Costs to Decline Meaningfully: CAGrameen’s asset quality metrics continued their improvement trajectory, with X-bucket CE recovering to pre-crisis levels and fresh PAR accretion moderating significantly, reflecting the efforts of the company’s intensified collections and risk-monitoring mechanism.In FY26, credit costs settled slightly higher at 6.74%, ahead of management guidance of 5.5-6%, of which 6.1% was attributable to fresh PAR formation and 0.64% to an incremental increase in ECL provisioning rates as the company evolved its provisioning model.CAGrameen has transitioned to a more comprehensive ECL framework, incorporating long-term historical performance data, multiple business cycles, and forward-looking macro variables (West Asia Crisis and Potential Heatwaves), resulting in an incremental provisioning of Rs 39 Cr during Q4. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CreditAccess Grameen Ltd - Strong All-Round Performance; Earnings Recovery Poised to Accelerate

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).</li><li>While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.</li><li>SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

<ul><li>CAGrameen expects normalised levels of write-off from Q3 onwards, thereby keeping the credit costs lower.</li><li>Credit costs have peaked and are expected to improve over H2.</li><li>GLP growth would be driven by sustained branch additions, scaling up customer addition run-rate to ~1 Lc customers/month, and sustained robust growth in the Retail Finance (RF) book.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CAGrameen expects normalised levels of write-off from Q3 onwards, thereby keeping the credit costs lower.Credit costs have peaked and are expected to improve over H2.GLP growth would be driven by sustained branch additions, scaling up customer addition run-rate to ~1 Lc customers/month, and sustained robust growth in the Retail Finance (RF) book.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: CreditAccess Grameen Ltd - 03rd January, 2026

<ul><li>Credit Costs to Settle Higher Owing to ECL Rate Reset: CAGrameen’s CE-ex arrears improved to 94.5% in Q2FY26 vs 93.2% QoQ, with improvement visible across all geographies.</li><li>The company has seen the PAR15+ accretion rate being largely rangebound in Q2, primarily owing to the temporary impact of heavy rains/floods across operating geographies.</li><li>PAR bucket roll-forward rates were stable during the quarter vs Q1. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Credit Costs to Settle Higher Owing to ECL Rate Reset: CAGrameen’s CE-ex arrears improved to 94.5% in Q2FY26 vs 93.2% QoQ, with improvement visible across all geographies.The company has seen the PAR15+ accretion rate being largely rangebound in Q2, primarily owing to the temporary impact of heavy rains/floods across operating geographies.PAR bucket roll-forward rates were stable during the quarter vs Q1. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CreditAccess Grameen Ltd - Higher Credit Costs to Be Offset by Strong NIMs and Controlled Opex!

<ul><li>Asset Quality to Improve: CAGrameen’s Collection Efficiency (CE) improved to 93.2% in Q1FY26 (93.5% in Jun’25) vs 91.9% in Q4FY25, with improvement visible across all geographies (slightly delayed in KA).</li><li>The management indicated that the collections (incl. KA) in Jul’25 have been stable and expects a similar strong trend to continue over Aug-Sep’25.</li><li>CAGrameen has seen the PAR15+ accretion rate trend downwards to 0.46% in Jun’25 vs 0.84% in Mar’25, indicating lower incremental credit costs. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asset Quality to Improve: CAGrameen’s Collection Efficiency (CE) improved to 93.2% in Q1FY26 (93.5% in Jun’25) vs 91.9% in Q4FY25, with improvement visible across all geographies (slightly delayed in KA).The management indicated that the collections (incl. KA) in Jul’25 have been stable and expects a similar strong trend to continue over Aug-Sep’25.CAGrameen has seen the PAR15+ accretion rate trend downwards to 0.46% in Jun’25 vs 0.84% in Mar’25, indicating lower incremental credit costs. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis PUNCH - CreditAccess Grameen Ltd: 17th September, 2025

India

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

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CreditAccess Grameen Ltd (CREDAG IN)

CreditAccess Grameen Ltd - Strong All-Round Performance; Earnings Recovery Poised to Accelerate

CAGrameen’s asset quality metrics continued their improvement trajectory, with X-bucket CE recovering to pre-crisis levels and fresh PAR accretion...

Axis Direct

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ)...

Axis Direct

Pick of the Week: CreditAccess Grameen Ltd - 03rd January, 2026

CAGrameen expects normalised levels of write-off from Q3 onwards, thereby keeping the credit costs lower. Credit costs have peaked and are expected...

Axis Direct

CreditAccess Grameen Ltd - Higher Credit Costs to Be Offset by Strong NIMs and Controlled Opex!

Credit Costs to Settle Higher Owing to ECL Rate Reset: CAGrameen’s CE-ex arrears improved to 94.5% in Q2FY26 vs 93.2% QoQ, with improvement visible...

Axis Direct

Axis PUNCH - CreditAccess Grameen Ltd: 17th September, 2025

The management has maintained its credit costs guidance of 5.5-6% for FY26, and we expect them to trend meaningfully downwards from FY27E onwards.

Axis Direct

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